What does Matthew 27:50 mean?

Though He was arrested, maimed, and executed, Jesus' life was not taken from Him. He chose to give it up, beginning with His willingness to be born in human form (Philippians 2:8) and to submit to the will of God (Matthew 26:38–44; 53–54). He consciously chose to arrive at this moment (John 10:17–18). Jesus has fulfilled His mission as He described it to the disciples in Matthew 20:28: "Even as the Son of Man came not to be served but to serve, and to give his life as a ransom for many."

John notes that Jesus cries out "it is finished," declaring this truth before He dies. He has completed the full task He had been given by the Father. He has submitted to the arrest, the trials, the beatings, the mockery, and the extended execution. Beyond all of that, He has suffered through the three hours of darkness, some sense of being forsaken, and the crushing weight of humanity's sin. The requirements have all been satisfied (Matthew 27:35–49).

The phrasing used here is like that of John, who also describes Jesus' death as a deliberate act of will (John 19:30). In other words, Jesus releases His life from His body. The Son of God is dead.